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6. The Direct Consolidation Program has no minimum and will provide a 0.25% interest rate discount for electronic automatic debit payments.

7. The Meharry Loan Consolidation Program borrower benefits include an honest offers of a:

0.75% -- (immediate 0.50% interest rate reduction at disbursement plus 0.25% for auto debit and best for those who plan to pay off their loans in 7 – 10 years but not recommended in a low interest rate environment)

Or

1.25% -- (1.0% after 36-regular on-time regular payments plus 0.25% for auto debit) which will never be lost once earned and may reduce your Post-July 1st 2005 rate to as low as 3.50%. After you have received the Meharry discount, your loans will be re-disclosed to include the discount you have earned. This discount will also be reflected in your monthly payments.

8. For graduates, it is recommended that you consolidate before the expiration of your six-month grace period. If you wait until the expiration of your six-month grace period to consolidate, the Post July 1st 2005 consolidation interest rate will increase from 4.750% to 5.375% a 0.675 percentage point (13.16%) increase, which can cost nearly $14,000 in additional interest payments on a full-term $100,000 loan. If you wait until July 1st 2006 to consolidate, you are leaving yourself vulnerable to any interest rate or legislative changes to the program. For those who graduated, did not consolidate and your six-month grace period has expired, you should consolidate immediately – significant savings are still yours to have! Proposed legislation if enacted is anticipated to become effective 2006. Borrowers who consolidate their loans before the effective date will be grandfathered in.